STATE OF NEW YORK
________________________________________________________________________
7652
2021-2022 Regular Sessions
IN ASSEMBLY
May 19, 2021
___________
Introduced by M. of A. GUNTHER -- (at request of the State Comptroller)
-- read once and referred to the Committee on Mental Health
AN ACT to amend the mental hygiene law, in relation to the residency
requirement for designated beneficiaries of the ABLE program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 4 of section 84.03 of the mental hygiene law,
2 as added by chapter 576 of the laws of 2015, is amended to read as
3 follows:
4 4. "Designated beneficiary" shall mean, with respect to an account or
5 accounts, any individual who is an "eligible individual" as defined
6 under paragraph (1) of subsection (e) of section 529A of the Internal
7 Revenue Code of 1986, as amended, or any regulations promulgated there-
8 under and whose qualified expenses are expected to be paid from the
9 account or accounts. [A designated beneficiary shall be a resident of
10 New York state or a resident of a state that: (a) does not have a quali-
11 fied ABLE program recognized under section 529-A of the Internal Revenue
12 Code of 1986, as amended; and (b) has entered into a contract with New
13 York state to provide residents of the contracting state with access to
14 New York state's ABLE program.]
15 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10545-01-1
